UK – The Parliamentary Contributory Pension Fund, the retirement scheme for UK members of parliament (MPs), has appointed The Bank of New York to provide investment accounting and global custody services to its £300m (e487m) assets.

“Once it was agreed that the Public Trust Office would no longer provide custody facilities for the PCPF, we had to move swiftly to select a successor for the start of the fiscal year.
“ The Bank of New York was chosen following a proper competitive process and has worked speedily with us to facilitate the transition,” says John MacGregor, chairman of the trustees and member of the UK parliament.

Bacon & Woodrow acted as consultants for the fund in the tendering process.

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